Verification of Payee

Protection against fraud

Verification of Payee

Confirmation of Payee (CoP) and Verification of Payee (VOP) service are new ways of giving business and personal customers greater assurance that they are sending payments to their intended recipient, helping them to avoid making accidental or misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud, particularly Authorised Push Payment (APP) scams.

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Why Banfico?

Features of Banfico Verification of Payee Service

Global Coverage

Our Account Validation service is offered for domestic and cross-border payments.

Our service coverage is growing fast with our own solution for certain countries or leveraging our partner network.

Cost Effective

SaaS pricing based on the volume of account-name validation checks.

Fixed license fee for on-premise deployment for unlimited account name validations.

End to End Delivery

Our solution is delivered in it’s entirety and conforms to Pay.UK CoP standards and Instant Payment (IP) regulations.

We also provide consulting support on the bank customer channels (online/mobile banking) integration.

Flexible Deployment

Our solution is offered as SaaS or be installed on the bank's public cloud or on-premise.

Our modern infrastructure automation allows easy installation of the entire CoP solution.

Introducing

Verification of Payee

SaaS & On-premise

Single API for Pan-European & global VOP

User-friendly web portal with SSO support

Conforms to OpenID FAPI, OAuth2, DCR, eIDAS (PSD2)

Support for Batch processing

Support for PSP-specific name-matching algorithm customisation

Core bank integration through API or PSU accounts file upload through SFTP

Production-ready to more than 15+ countries today

Conformance validator solution included

24x7 ITSM Support

Typical implementation timeline 2-4 weeks (excluding PSU Channels)

Support connectivity with different schemes through our sponsor PSP partners

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Trusted by

Account name check across borders

Building the Future of Bank Account Verification

Banfico is the leading solution provider for global account-name verification. We are proactive in Europe to develop solutions to address Pan-European Verification of Payee (VOP) in Instant Payments regulation.

Europe

United Kingdom